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Automotive Steel Market Trends, Top Companies, Share, Growth And Forecast 2033
Automotive Steel Market Trends
According to The Business Research Company's, The automotive steel market size has grown steadily in recent years. It will grow from $111.82 billion in 2023 to $117.38 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to vehicle production and sales, weight and fuel efficiency concerns, safety and crashworthiness requirements, cost-effectiveness and affordability, recyclability and sustainability..
The automotive steel market size is expected to see strong growth in the next few years. It will grow to $142.78 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to global automotive industry growth, stringent emission regulations, electric vehicle manufacturing, innovation in steel alloys, integration in advanced manufacturing techniques.. Major trends in the forecast period include increased interest in tailored blanks, integration of third-generation advanced high-strength steel (3gahss), collaboration for innovation, focus on sustainable steel production, integration of smart manufacturing technologies, globalization of supply chains..
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Market Drivers and Trends:
The rising demand for automobiles is expected to propel the growth of the automotive steel market going forward. Automobiles are self-propelled vehicles meant to transport passengers or cargo on roadways. Automotive steel is increasingly using in automobile manufacturing as it allows automakers to reduce overall vehicle weight, can improve fuel efficiency, reduce emissions and durability. For instance, in 2022, according to the International Organization of Motor Vehicle Manufacturers (OICA), a France-based international trade association, the global production of motor vehicles, including cars, trucks, and buses, reached 85,016,728 million units in 2022, up from 80,145,988 million units in 2021. Furthermore, in March 2022, according to a report published by the European Automobile Manufacturers' Association (ACEA), the main lobbying and standards group for the automobile industry in the European Union, sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021. Therefore, rising demand for automobiles is driving the growth of the automotive steel market.
Product innovation is a key trend gaining popularity in the automotive steel market. Major companies operating in the automotive steel market are developing innovative products to strengthen their position in the market. For instance, in June 2022, Gestamp, a Spain-based automotive engineering company, in collaboration with SSAB, a Sweden-based steel industry company developed Docol1000CP steel, which has a significantly higher strength (1000 Mpa) than conventionally used grades. Docol1000CP is a new steel with high strength, lighter in weight, more environmentally friendly, and is used to manufacture chassis part for the Toyota Yaris. The unique features of Docol 1000CP help to produce lighter parts and it offers a very positive behaviour against fatigue.
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Major Key Players of the Market:
ArcelorMittal SA; Tata Iron and Steel Company Limited; Hyundai Steel Co. Ltd.; United States Steel Corp.; JSW Steel Ltd.; Pohang Iron and Steel Company; Nippon Steel Corporation; JFE Steel Corporation; Nucor Corporation; Thyssenkrupp Steel Europe AG; China Baowu Steel Group Corp. Ltd.; Hesteel Group Company Limited; Kobe Steel Ltd.; Jindal Steel and Power Limited; Grow Ever Steel Pvt. Ltd.; Outokumpu Oyj; Baosteel Group Corporation; China Steel Corporation; Gerdau S.A.; Essar Gujarat Limited; AK Steel Holding Corporation; Steel Authority of India Limited; Wuhan Iron and Steel Corporation; Maanshan Iron & Steel Company Limited; Shougang Corporation; Ansteel Group Corporation Limited; HBIS Group Co. Ltd.; Shandong Iron and Steel Group Co. Ltd.; Jiangsu Shagang Group Co. Ltd.; Valin Holdings Group Co. Ltd.; Benxi Steel Group Corporation Limited; China Minmetals Corporation; China National Chemical Corporation
Automotive Steel Market 2024 Key Insights:
• The automotive steel market will grow to $142.78 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%.
• Rising Demand For Automobiles Drives The Automotive Steel Market
• Innovative Product Developments
• Asia-Pacific was the largest region in the automotive steel market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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